What happened Even by the relatively high-volatility standards of the cryptocurrency sphere, Bit Mining (NYSE: BTCM) was having a tough week. As of Thursday's market close, the company's share price was down a queasy 33% week to date. Recent developments on the other side of the world are making investors very nervous about this stock. So what Two developments in a pair of neighboring countries combined to put the hurt on Bit Mining's stock. First, in Kazakhstan, continued social unrest has led to government countermeasures that include widespread internet blackouts. Bit Mining could potentially take a big hit because of this, as it decamped to the sprawling Central Asian country last August after China banned the mining of cryptocurrencies such as Bitcoin. Image source: Getty Images. Meanwhile, Russia's central bank has proposed a sweeping ban on crypto mining and use within its borders. The bank fears that cryptocurrency is essentially a large-scale financial scam that threatens the sovereignty of fiat currencies like its ruble, according to a report in Bloomberg citing a report from the bank. Cryptocurrency mining, an energy-intensive activity, is also a threat to the nation's energy supply, the bank believes, and imperils its efforts to become more eco-friendly. The use of cryptocurrency as payment for goods and services is already illegal in Russia; additionally, mutual funds based in the country are prohibited from investing in such assets. Now what It's understandable that investors are spooked about these developments, which, to understate the case, are rather unfavorable to Bit Mining. While the company has mining operations in other parts of the world -- like in the U.S., where it just announced that it reached around 50 megawatts of power capacity at a mining site in Ohio -- it might face some very dark and challenging times in that increasingly crypto-unfriendly part of the world. 10 stocks we like better than BIT Mining LimitedWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and BIT Mining Limited wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of January 10, 2022 Eric Volkman owns Bitcoin. The Motley Fool owns and recommends Bitcoin. The Motley Fool has a disclosure policy.Source